How Has the Herbal Medicine Market Size Evolved in Recent Years?
The herbal medicine market has seen considerable growth due to a variety of factors.
•In recent times, the herbal medicine market has experienced significant growth. The market, which stood at $214.32 billion in 2024, is projected to expand to $235.5 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 9.9%.
Factors contributing to growth during the historic period include traditional practices, limited availability of modern medicine, cultural heritage, a natural and holistic approach, as well as historical documentation.
What are the Market Size and Expected Growth Rates for the Herbal Medicine Market?
The herbal medicine market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of herbal medicine is anticipated to experience swift expansion over the coming years, with projections seeing it reach $356.25 billion by 2029, rising at a compound annual growth rate (CAGR) of 10.9%.
This predicted growth throughout the forecast period is linked to multiple factors. These include the expanding wellness industry, environmental sustainability, increasing chronic health issues, consumer preference for natural products, as well as funding for clinical trials and research. Significant emergent trends during this period comprise quality assurance and standardization, integration with digital health, adaptogens for stress management, herbal and nutraceutical supplements, and synergies with traditional medicine.
Which Key Drivers Are Propelling The Herbal Medicine Market's Growth?
The projected expansion of the herbal medicine market is largely due to the rising utilization of herbal products within the pharmaceutical industry. These herbal products, which can contain a single herb, multi-herb concoctions, or a mixture of both, are increasingly adopted for medical use. Their prevalence in the pharmaceutical field contributes to driving the demand for the herbal medicine market. Case in point, a report by Glanbia Nutritionals (NA) Inc., a US company that offers both dairy and non-dairy solutions, stated in February 2024 that the herbal supplement market in the United States is worth $5.9 billion. Furthermore, the projected compound annual growth rate (CAGR) from 2022 to 2027 is 4.3%. As such, the upward trend in employing herbal products within the pharmaceutical sector significantly aids in propelling the herbal medicine market's growth.
What Are The Key Segments Within The Global Herbal Medicine Market?
The herbal medicine market covered in this report is segmented –
1) By Product: Capsules And Tablets, Powders, Extracts, Syrups, Other Products
2) By Category: Herbal Pharmaceuticals, Herbal Functional Foods, Herbal Dietary Supplements, Herbal Beauty Products
3) By Distribution Channel: Hospitals, Retail Pharmacies, E-commerce
4) By Application: Pharmaceutical And Nutraceutical, Food And Beverages, Personal Care And Beauty Products
Subsegments:
1) By Capsules And Tablets: Herbal Capsules, Herbal Tablets
2) By Powders: Single Herb Powders, Blend Powders
3) By Extracts: Liquid Extracts, Dry Extracts, Standardized Extracts
4) By Syrups: Herbal Syrups, Cough Syrups
5) By Other Products: Teas, Tinctures, Ointments And Creams
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How Are New Trends Impacting The Size Of The Herbal Medicine Market?
The trend of product innovation is increasingly making its mark in the herbal medicine market. Well-established businesses in this market are integrating innovative techniques to maintain their market stand. For instance, in September 2022, Phytocine, a next-gen traditional Chinese medicine (TCM)-inspired product, was launched by BASF SE, a German chemical firm. Phytocine was designed to tackle skin conditions, acknowledging the potency of TCM in this aspect. These groundbreaking, wholly natural ingredients devoid of preservatives focus on delivering personal skincare benefits, including heightening skin hydration and barrier functionality (Phytocine AQUA), diminishing signs of aging and oxidation (Phytocine NOVO), and soothing irritable skin (Phytocine CALM).
Who Are the Key Players in the Herbal Medicine Market?
Major companies operating in the herbal medicine market include:
• Patanjali Ayurved Ltd.
• Dabur Ltd.
• NOW Foods
• Boiron Group
• Nature's Sunshine Products
• Emami Ltd.
• Ricola AG
• Young Living Essential Oils
• Nature's Way
• Swanson Health Products
• Gaia Herbs
• New Chapter
• Bio-Botanica Inc.
• Schaper & Brümmer GmbH & Co. KG
• Traditional Medicinals
• Herb Pharm
• Nature's Answer
• Nature's Bounty
• Himalaya Global Holdings Ltd.
• Arizona Natural Products
• Dasherb Corp
• ZeinPharma Germany GmbH
• Solaray
• Hishimo Pharmaceuticals Pvt. Ltd.
• Beovita Deutschland GmbH & Co. KG
• Dr. Willmar Schwable India Pvt. Ltd.
• Source Naturals
What are the Regional Insights into the Herbal Medicine Market?
Europe was the largest region in the herbal medicine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the herbal medicine market report during the forecast period. The regions covered in the herbal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
